Will there be dual reporting standards – Indian GAAP (for standalone reporting for local filing and tax filing) and IFRS (for consolidated reporting)?
Presently, it is assumed to be mandatory only for consolidated accounts while the stand alone financials are expected to still be on Indian GAAP. The above assertion was confirmed by the article in Economic Times dated 17 August, 2009 about SEBI allowing listed companies to present their consolidated financials as per IFRS while for standalone financials, Indian GAAP will continue.
Related Questions
- When the first interim financial statements are prepared under the Indian Accounting Standards converged with IFRS, under which standards will the comparative ones be presented?
- Do IFRS and Indian generally accepted accounting principles (GAAP) look at controlling of businesses differently?
- How should we address the need for financial information prepared under both Indian GAAP and IFRS?
